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Headlines, October 2, 2018

기사승인 2018.10.02  14:50:44

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Monday, October 2, 2018

Round-up of important news from major Korean dailies and from international media today:

The Korea Post media (www.koreapost.com) in English, (www.koreapost.co.kr) in Korean.

Hyundai Heavy under probe due to suspected excessive price slashing

The Fair Trade Commission (FTC) is investigating officials of the Hyundai Heavy Industries, the top shipbuilder of the Republic of Korea (south), on the suspicion of excessively cutting payments for parts supplied by its subcontractors. This was reported by Yonhap and other Korean-language news media in Seoul on Oct. 1, 2018. According to the sources, the FTC dispatched investigators to Hyundai Heavy's main office in Ulsan, 410 kilometers southeast of Seoul, to collect evidence on any wrongdoing.

Chairman Yu has immense interest in the happiness, welfare of all peoples as well as Koreans

Former Prime Minister Lee Soo-sung said, “What the artists of the world should pursue is the spiritual world of the souls and peace.” Then he said “I wish that Korea will be a country free from wars and the three countries, namely Korea, China and Japan, will live in peace like blood-sharing brothers.” Prime Minister Lee made the statement at the opening ceremony of the National Unification Grand Art Exhibition at Hanguk Misul Gwan (Korea Art Gallery) in Seoul on Sept, 15. 2018 which was hosted by Chairman Yu Jae-hack of the the World Cleansing Mind Welfare Foundation and the World Humankind Cleansing Mind Movement.

Turkmenistan formulates, ensues approaches for global security

Turkmenistan is a competent member of international politics as one of active UN-member states, makes its significant contribution to consolidate international community efforts in countering the threats against humanity, especially terrorism and radicalism. The President of Turkmenistan Gurbanguly Berdimuhamedov underlines that, countering terrorism acquires strategic significance on the agenda of multilateral cooperation of Turkmenistan within Community of Nations along with global tasks in ensuring security such as disarmament and non-proliferation, transport and energy, environment and several other aspects defined by the UN Sustainable Development Goals.

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KBS (http://world.kbs.co.kr/english/news/)

Industrial Output Up, but Facility Investment Down for 6 Straight Months

South Korea's industrial output increased for the second straight month in August, but facility investment decreased for the sixth consecutive month, the longest stretch in 20 years. According to data by Statistics Korea on Tuesday, overall industrial production gained half a percent in August from the previous month. Production in the mining, manufacturing, gas and electricity industries rose one-point-four percent on-month in August. Retail sales, an economic indicator of consumption levels, remained flat.

KCNA: N. Korea Won't Hope for War-ending Declaration if US Doesn't Want it

North Korean media says it will not hope for a declaration to end the Korean War if the U.S. does not want it and a declaration should not be used as a bargaining chip in denuclearization talks. The North's official Korean Central News Agency said in a commentary on Tuesday that now that Pyongyang and Washington are aspiring after the establishment of new relations true to the spirit of the June 12th joint statement, it is quite right to put an end to the belligerent relations between them.

Russia Calls on S. Korea to Release Vessel Held at Busan Port

The Russian Foreign Ministry has summoned South Korea’s ambassador in Moscow and demanded that Seoul allow a Russian vessel to leave South Korea’s port of Busan. The ministry said in a statement that it summoned Ambassador Woo Yoon-keun on Monday and called for Seoul's immediate release of the vessel named "Sevastopol" that has been illegally held at the port. The cargo ship, which belongs to Russian shipping firm Gudzon, is reportedly one of six Russian-flagged vessels targeted by U.S. sanctions in August for alleged breaches of United Nations restrictions on North Korea.

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Yonhap (http://english.yonhapnews.co.kr)

Korea Energy Show opens with emphasis on safer sources

The Korea Energy Show, a venue for promoting cleaner, safer energy, opened Tuesday in Ilsan, west of Seoul, with exhibits of new related technologies and consultations for exports. The four-day event, in its 38th edition this year, will highlight South Korea's transition to renewable and smart energy sources, displaying products ranging from solar radiation to efficient boilers and eco-friendly vehicles, according to the Ministry of Trade, Industry and Energy, which is co-hosting the show with the Korea Energy Agency.

S. Korean manufacturers' sentiment remains flat in Sept.

South Korean manufacturers' business sentiment for September remained unchanged from the previous month, but they had a more optimistic outlook for this month, central bank data showed Tuesday. The business survey index (BSI) of manufacturing firms came to 73 in September, according to the Bank of Korea (BOK). A reading below 100 means pessimists outnumber optimists, while a reading above the benchmark means the opposite. But the index measuring their sentiment for October inched up 1 point to 78, the data showed.

Carmakers' Sept. sales fall 8.5 pct due to fewer work days

The combined sales of South Korea's five carmakers fell 8.5 percent in September from a year earlier as fewer working days led to reduced output and sales, corporate data showed Monday. The five automakers -- Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. -- sold a total of 678,738 vehicles last month, down from 741,486 units a year earlier, the companies said. The monthly sales declined as the carmakers shut down their plants for about a week to celebrate the Chuseok holidays in the last week of September.

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The Korea Herald (http://www.koreaherald.com)

N. Korea will not hope for an end-of-war declaration if US does not want it: KCNA

North Korea will not hope for an end-of-war declaration if the United States does not want it, adding that the issue should not be used as a "bargaining chip" in denuclearization talks, the country's state media said Tuesday. "Now that the DPRK and the US are aspiring after the establishment of new relations true to the spirit of the June 12 DPRK-US joint statement, it is quite right to put an end to the belligerent relations between them," the Korean Central News Agency said in an English commentary.

Financial audits drag on lackluster IPO market

onger-than-expected financial audits are posing hurdles to privately-held companies seeking initial public offerings on South Korea’s stock markets, amid a sharp fall in the volume of total investments through IPOs this year through the third quarter. Following the withdrawals of lubricant oil maker SK Lubricant and game software developer Kakao Games from plans to go public in April and in September, respectively, investors’ attention is on whether refiner Hyundai Oilbank, projected to be the biggest deal this year, will manage to finish listing on the top-tier Kospi market by end-2018.

Concerns rising over weakening manufacturing sector

Concerns are rising over the weakening of the country’s manufacturing industries, which are suffering the effects of deteriorating conditions at home and abroad. Data released last week by Statistics Korea showed that the manufacturing capacity index -- which measures the maximum possible level of production through the full use of manpower, facilities and other input factors -- had declined for five consecutive months as of July, from 102.9 to 102.6. The annual average figure for 2015 is set at 100.

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The Korea Times (http://www.koreatimes.co.kr)

77% of US citizens support diplomatic ties with North Korea after denuclearization: poll

early 80 percent of Americans support establishing diplomatic ties with North Korea should the regime abandon its nuclear weapons program, a survey showed Monday. According to the poll commissioned by the Chicago Council on Global Affairs, 77 percent of Americans are in favor of such a concession, along with providing economic and humanitarian aid to the North at 54 percent. In other concessions, a partial withdrawal of U.S. troops from South Korea received 54 percent of support, while less than a majority (44 percent) were in favor of canceling joint military exercises between South Korea and the U.S., and 18 percent backed a complete withdrawal of the 28,500 troops.

Moon backs presence of US troops

President Moon Jae-in said Monday the U.S. Forces Korea (USFK) will continue doing their job as a "peacekeeper" on the Korean Peninsula and perform as a balancer to maintain stability in the Northeast Asian region. "Changes in the alliance between South Korea and the United States are on track in a way to produce peace on the peninsula. I can say the alliance is developing into a great alliance. The USFK will continue to perform their duties as peacekeepers on the peninsula," Moon said in a meeting with war veterans and military officials at Cheong Wa Dae to commemorate the 70th Armed Forces Day, Monday.

Companies frustrated over 'bullying' by lawmakers

A growing number of businesspeople are complaining about lawmakers' attempts to summon company owners and company CEOs as witnesses during the upcoming National Assembly audit of government agencies, company officials said Monday. For years, lawmakers have been grilling heads of large businesses, instead of ministers and other policymakers, during the Assembly audit, in order to draw more attention from voters. In particular, opposition parties have used them as a tool to criticize the President and Cabinet members, while the ruling party tried to prevent business leaders from being summoned as witnesses.

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Chosun Ilbo (http://english.chosun.com)

Evening Entertainment Marks 70th Armed Forces Day

Relatively low-key entertainments marked the 70th Armed Forces Day in the War Memorial of Korea in Yongsan, Seoul on Monday. The event dispensed with the customary military parade, and instead President Moon Jae-in earlier in the day welcomed the remains of 64 soldiers who were killed in North Korea during the Korean War at Seoul Air Base in Seongnam, Gyeonggi Province. The soldiers' remains had been excavated by U.S. and North Korean officials in Jangjin, South Hamgyong Province and Kaechon, South Pyongan Province between 1996 and 2005.

Modernizing N.Korea's Railways Would Cost W43 Trillion

South Korea would have to spend W43 trillion to modernize North Korea's decrepit railway network, according to data from the Korea Rail Network Authority (US$1=W1,110). Last Thursday, the government ratified a set of agreements between the leaders of the two Koreas and estimated the cost of re-connecting the inter-Korean railways and upgrading the North's railroads at just W295.1 billion for next year. But as long ago as 2008, the Unification Ministry said that it would cost around W8 trillion to upgrade and repair North Korea's outdated railways, and by now the real cost is thought to be much higher.

Modernizing N.Korea's Railways Would Cost W43 Trillion

South Korea would have to spend W43 trillion to modernize North Korea's decrepit railway network, according to data from the Korea Rail Network Authority (US$1=W1,110). Last Thursday, the government ratified a set of agreements between the leaders of the two Koreas and estimated the cost of re-connecting the inter-Korean railways and upgrading the North's railroads at just W295.1 billion for next year. But as long ago as 2008, the Unification Ministry said that it would cost around W8 trillion to upgrade and repair North Korea's outdated railways, and by now the real cost is thought to be much higher.

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HanKyoReh Shinmun (http://english.hani.co.kr)

There needs to be a change in the strategic thinking from the US side

"If the second summit between the United States and North Korea is to be held, both President Trump and Chairman Kim Jong-un need to play their ‘big card.’ It will be difficult to make the ‘big deal’ through a sequential method insisted upon by so-called ‘inspection zealots.’” Moon Chung-in, who serves as a presidential special advisor on unification, foreign affairs and national security, said that, “Kim Jong-un [who told President Moon during the recent Pyongyang summit that, ‘he wanted to achieve complete denuclearization as quickly as possible and then focus on economic development] said that he would clearly and quickly move toward denuclearization.

North Korean foreign minister calls for corresponding measures from US

North Korean Foreign Minister Ri Yong-ho delivered the ball back into the US’ court with calls for “corresponding measures” for denuclearization in a Sept. 29 keynote speech before the UN General Assembly in New York. Observers are now watching to see how trends develop in the US amid preparations for further denuclearization talks with the North following a third inter-Korean summit. The US government did not respond explicitly to Ri’s UN speech. Both President Donald Trump and Secretary of State Mike Pompeo avoided making direct references to it. But in response to questions from South Korean reporters about Ri’s speech, the State Department reiterated its basic position.

Ceremony for remains of 64 South Korean soldiers repatriated from North Korea via US

The remains of 64 South Korean MIA/POW from the Battle of Chosin Reservoir during the Korean War (1950-53) were repatriated by the US to South Korea via Joint Base Pearl Harbor–Hickam (JBPHH). The remains arrived on South Korean soil on Sept. 30. A ceremony to receive the remains was presided over by South Korean President Moon Jae-in at Seoul Air Base in Seongnam, Gyeonggi Province on Oct. 1. The remains were uncovered in North Korea during a North Korea-US joint excavation project that lasted from 1996 to 2005.

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The Dong-A Ilbo (http://english.donga.com/)

Exports dip in Sept. but look strong for year

The local news media of Indonesia reported that the 7.5-magnitude earthquake and the following tsunami that jolted the island of Sulawesi on Friday may have taken the lives of thousands of people. The official death toll announced by the Indonesian authorities on Monday was 844, but it is feared that the figure may soar as many are still buried under the mudflow.

Two Koreas launch demining operations in DMZ

The two Koreas began operations to remove landmines in the Joint Security Area (JSA) in the Demilitarized Zone (DMZ) and part of Cheorwon, Gangwon Province on Monday. Seoul’s defense ministry said that the demining operation is the first measure implemented among a series of military agreements made in the Panmunjom Declaration.

Samsung Electronics to sell its medical instrument arm to Japan

Samsung Biologics said on Monday that it has completed its own validation of its third manufacturing facility, the world’s single largest biomanufacturing facility, and will start operation of the plant based on the current Good Manufacturing Practice (cGMP) requirements to receive approval of manufacturing for global clients. The four-story facility, located in Songdo, Incheon, is spread over 118,618 square meters, twice the size of Sangam World Cup Stadium in Seoul. Its production capacity is 180,000 L, an increase of 20 percent from the company’s second facility.

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JoongAng Ilbo (http://koreajoongangdaily.joins.com/)

Moon receives remains of Korean War soldiers

President Moon Jae-in on Monday presided over a solemn ceremony to receive the remains of 64 South Korean soldiers killed in the 1950-53 Korean War. Escorted by a fleet of F-15K and FA-50 fighter jets, the remains arrived at Seoul Air Base in Seongnam, Gyeonggi, where Moon and top military and government officials, including newly appointed Defense Minister Jeong Kyeong-doo, U.S. Forces Korea Commander Gen. Vincent Brooks, and Korean War veterans awaited their homecoming. The chiefs of staff for the Army, Navy and Air Force were also among the attendees.

69% approve of Pyongyang summit accord

Nearly seven out of 10 South Koreans are happy with an agreement reached between South Korean President Moon Jae-in and North Korean leader Kim Jong-un during their third summit in Pyongyang two weeks ago, according to a poll conducted by the JoongAng Ilbo last week. In their so-called Pyongyang Declaration, the two leaders “agreed to cooperate closely in the process of pursuing complete denuclearization of the Korean Peninsula” as well as to cease all confrontational acts in all domains - air, sea and ground - along the border, which the Blue House said were equivalent to a practical “end-of-war declaration” between the two countries.

Shipbuilders are starting to sign some big orders

Korean shipbuilders are starting to get orders for big ticket ships like liquefied natural gas tankers. Hyundai Heavy Industries (HHI) inked a $210 million order from Norwegian shipper Knutsen NYK Offshore Tankers (KNOT) to build two shuttle tankers for delivery after June 2020, the company said Monday. Shuttle tankers transport oil from offshore oil fields. The Korean company will start building the tankers from next year at its headquarters in Ulsan.

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The KyungHyang Shinmun (http://english.khan.co.kr/)

Samsung's Scheme to Break up the Union Uncovered: A New Perception of the Basic Labor Rights Are Required

North and South Korea will begin removing landmines from the demilitarized zone (DMZ) on October 1. This is the first item in the Agreement on the Implementation of the Panmunjom Declaration in the Military, which the two Koreas signed at the inter-Korean summit in Pyongyang. This will also be the first action taken among the items that the two Koreas agreed on during the Pyongyang summit on September 19. The Ministry of National Defense announced that the United Nations (UN) Command fully understood the details of the latest military agreement.

The Two Koreas to Remove Mines in the DMZ Next Month: First Implementation of Inter-Korean Military Agreement

"All state authority shall emanate from the people." This is Article 1, Section 2 of the Constitution, which became well known after the people sang the words at the candlelight demonstrations last year. The sentence means that the country belongs to the people. But not everyone can personally run the state. That is why we elect representatives and delegate power. This is the government. Thus in a democracy, the people are the "principals" and the government is the "agent." However, sometimes the interests of the principal and the agent can differ, and problems can occur when the agent takes actions that go against the interests of the principal. This is the principal-agent problem that has long been studied in politics and economics, and the relationship of the shareholder and corporate management is an often-cited example.

Real Estate Policy and the Votes of the Homeowners

"All state authority shall emanate from the people." This is Article 1, Section 2 of the Constitution, which became well known after the people sang the words at the candlelight demonstrations last year. The sentence means that the country belongs to the people. But not everyone can personally run the state. That is why we elect representatives and delegate power. This is the government. Thus in a democracy, the people are the "principals" and the government is the "agent." However, sometimes the interests of the principal and the agent can differ, and problems can occur when the agent takes actions that go against the interests of the principal.

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AJU Business Daily (http://eng.ajunews.com/korea)

S. Korean companies secure financing deal for wind power project in Jordan

Two South Korean energy companies have signed a financing agreement worth 80 billion won ($72 million) for the construction of a wind power complex with a capacity of 51.75 megawatts in the Tafilah region in Jordan. Daelim Energy, a Seoul-based energy and infrastructure development company, and Korea Southern Power (KOSPO), a public energy company, agreed in 2015 to jointly participate in the $101 million wind power project in Jordan and set up Daehan Wind Power, which is responsible for financing, sales of power and licensing.

S. Korean researchers develop biometric identification tool for PC

A South Korean state research institute has developed a server technology that enables personal computers (PCs) to use voice, fingerprints and other biometrics as user identification tools. Using different kinds of biometrics to gain access to important data or user information has become a norm in the era of smartphones. Such identification methods rely on sensors fitted into smart devices, and many PC users still use a combination of passwords and encrypted keys to protect vital information and data.

S. Korea's top mobile carrier develops on-demand AI movie scene search technology

South Korea's top mobile carrier SK Telecom has developed a new scene search technology which uses artificial intelligence (AI) to match keywords requested by service users in finding movie and TV drama scenes. The new technology called "AI media recommendation" works like a web search engine. When users search for certain scenes, SK Telecom's AI analyzes movies and sorts short scene clips into categories such as a kiss scene to show matching results.

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Maeil Business News Korea ( http://www.pulsenews.co.kr/)

Korea’s biggest shopping extravaganza kicks off on Friday

Korea Sale Festa (KSF), South Korea’s equivalent of Black Friday, will take place from Sept. 28 to Oct. 7, with major retailers to offer a wide selection of deals at some of the lowest prices of the year. Now in its third year, KSF is a week-long shopping bonanza launched by the Ministry of Trade, Industry and Energy and the Ministry of Culture, Sports and Tourism aimed to draw locals and tourists through deep discounts in various retailers including department stores, hypermarkets, online stores and traditional markets.

CJ, Samsung Electro-Mechanics, Coway’s Q3 OPs to hit record high

South Korea’s CJ Corp., Samsung Electro-Mechanics Co. and Coway Co. that are enjoying their monopolistic position in respective markets in the country are expected to report record high quarterly operating profit in the third quarter, according to local financial data provider FnGuide on Wednesday. Seoul-based FnGuide forecast that as many as 20 companies in Korea are poised to deliver record high quarterly operating profit in the third quarter ending Sept 30 this year and of them, eight firms are expected to enjoy operating profit of more than 100 billion won ($89.6 million).

Fed’s rate hike to have limited impact on Korean mkt: BOK chief

Bank of Korea Governor Lee Ju-yeol anticipated a limited impact of the U.S. Federal Reserve’s latest rate hike on the Korean financial markets, but admitted the widening gap between the two countries’ key rates would complicate the Korean central bank’s rate decision. “The Fed’s rate hike was widely expected and its outlook was also in line with expectation,” Lee said during his meeting with local reporters on Thursday after the U.S. Fed raised the benchmark rate for the third time this year to 2.0 percent-2.5 percent overnight. “It would have a limited impact on the Korean financial market.”

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What’s ticking around the world at this second?
See what the world media around the world have to report:

USA Today www.usatoday.com aallman@gannett.com
The New York Times www.nytimes.com inytletters@nytimes.com
Wall Street Journal www.wsj.com support@wsj.com, service@wsj-asia.com
Financial Times www.ft.com ean@ft.com
The Times www.thetimes.co.uk help@timesplus.co.uk
The Sun www.thesun.co.uk talkback@the-sun.co.uk
Chinese People's Daily www.people.com.cn kf@people.cn
China Daily www.chinadaily.com.cn circulation@chinadaily.com.cn
GwangmyeongDaily www.gmw.cn webmaster@gmw.cn
Japan's Yomiuri www.yomiuri.co.jp japannews@yomiuri.com
Asahi www.asahi.com customer-support@asahi.com
Mainichi www.mainichi.jp
Le Monde www.ilemonde.com
Italy LaRepubblica www.quotidiano.repubblica.it vittorio.zucconi@gmail.com
Germany Frankfurter AllgemeineZeitung www.faz.net anzeigen.ausland@faz.de
SüddeutscheZeitung www.sueddeutsche.de forum@sueddeutsche.de
Australia Brisbane Times www.brisbanetimes.com.au syndication@fairfaxmedia.com.au
Sydney Morning Herald www.smh.com.au
Colombia Reports http://colombiareports.com
Bogota Free Planet http://bogotafreeplanet.combfp@bogotafreeplanet.com
El Universal http://www.eluniversal.com.mx/english
Andes http://www.andes.info.ec/en
Ecuador Times http://www.ecuadortimes.net
The Jordan Times https://www.jordantimes.com
LSM.lv http://www.lsm.lv/en
The Baltic Times http://www.baltictimes.com lithuania@baltictimes.com, estonia@baltictimes.com, editor@baltictimes.com
El Pais http://elpais.com/elpais/inenglish.html
Philippine Daily Inquirer https://www.inquirer.net
Daily News Hungary http://dailynewshungary.com
Budapest Times http://budapesttimes.hu
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The Korea Post is running video clips from the different embassies.
Azerbaijan: https://www.youtube.com/watch?v=OR8CBpcQ4WM
Sri Lanka: https://www.youtube.com/watch?v=hByX92Y2aGY&t=22s
Morocco: https://www.youtube.com/watch?v=jfFmp2sVvSE
And many other countries.
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http://www.koreapost.com/news/articleView.html?idxno=7463

Lee Kyung-sik edt@koreapost.com

<저작권자 © 코리아포스트 무단전재 및 재배포금지>
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